Doris Yu · · 2 min readHong Kong supply chain management startup bags $5.7m in series A+ round
International Compliance Workshop (ICW), a supply chain compliance management and business-to-business sourcing platform, announced that it has secured US$5.7 million in a series A+ round led by Infinity Ventures Partners.
Integrated Capital, along with existing investors MindWorks Capital and Hong Kong government-backed Innovation and Technology Venture Fund, also participated in the round.
ICW team / Photo credit: ICW
Founded in 2016, ICW connects global retailers, manufacturers, and accredited testing and certification institutions. The Hong Kong-based company helps them digitalize the supply chain process, from supplier sourcing and product testing to compliance management.
With the new funds, ICW will boost the technological capabilities of its compliance management system and product testing platform. It will also integrate additional features to its B2B sourcing platform, iSource.
The startup says that in 2020, the total number of enterprise subscribers and its total revenue have increased by 238% and 168%, respectively. The growth was driven by a growing demand for supply chain diversification amid Covid-19.
ICW currently works with customers across 50 countries, including China and Southeast Asia. Its clients include Australian retail store Kmart, and US fashion brand Ralph Lauren, among others.
See also: A David vs. Goliath battle in Vietnam’s B2B ecommerce sector
According to the ICW website, the company raised US$1.25 million in a pre-series A round in 2018 and US$2.52 million in a series A round in 2019.
Edited by Collin Furtado and Eileen C. Ang
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